France’s Fives Group to invest in Iran’s aluminum industry

France’s Fives Group made an agreement with Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) on making joint venture for the construction of an anode production plant in Iran.

Anode, which is made from calcined petroleum coke (CPC), is used in the process of extracting aluminum from its oxide, alumina.

The suggestion for making this joint venture was put forward in a meeting between the FIVES’s director for the Middle East region and IMIDRO’s Board of Director’s Chairman Mehdi Karbasian on the verge of the trip of Iranian President Hassan Rouhani to France which is scheduled for November 16 -18.

The FIVES’s director said Iran’s nuclear deal with the World’s major powers has provided many opportunities for the foreign companies to invest in the country; adding that the French firms such as Fives are seeking to expand cooperation with Iran and make investment in the country’s mining projects especially in the aluminum sector.

Fives, an industrial engineering Group, designs and supplies machines, process equipment and production lines for the world’s largest industrial groups including the aluminum, steel, glass, automotive, aerospace, logistics, cement and energy sectors.

Located in over 30 countries and with nearly 8,000 employees, Fives is known for its technological expertise and competence in executing international projects.

Karbasian, who is also the Iranian deputy industry, mining, and trade minister, said in October that there is a high demand for foreign investment in Iran’s mining projects, so that many multinational companies have put in their investment requests.

In May, the official said that companies from Germany, Spain, Denmark, Belgium, England, France, Switzerland, Canada, South Korea, India, Kazakhstan, Oman, and Kuwait have so far requested for making investment in the Iranian mining projects.